Analyst Benjamin Cowen predicts the collapse of the ETH rate by more than 58%

The expert believes that altcoin will test the lows within the upper and lower edges of the logarithmic regression trendline

26.04.2023 - 11:40

699

2 min

The material is not an investment recommendation and is published for information purposes only.

What’s new? On April 25, cryptocurrency analyst Benjamin Cowen said that the Ethereum network’s coin could fall as low as $800. In his opinion, even though ETH was trading at $2000 after the April 13 Shapella upgrade, the asset is likely to retest lows within the upper and lower edges of the logarithmic regression trendline. As of April 26, 11:30 UTC, ETH USD is trading at $1911 , having gained 5% in a day, while losing 9,1% for the week.

Analyst’s prediction. Cowen believes that the fair value of ETH is currently at ~$800, but there is a possibility that the token will repeat the scenario of 2019 and 2020. At that time, its price was falling below the logarithmic regression trendline or fair value.

The expert noted that in the summer of 2022, ETH’s fair value was at ~$600, with the lower edge of the lower regression trendline currently at $574. Cowen reiterated that the deep value zone is between the $400 and $600 marks.

Investor Chamath Palihapitiya says cryptocurrencies are dead in the United States

He blamed the excessive pressure on the industry from regulators

Read further

In March, Cowen stated that Ethereum was not ready for a bull market, as worries around the $1800 resistance level could cause the rate to fall.

On April 24, an unknown Ethereum ICO participant made the first transaction after nearly eight years of inactivity. The wallet received 2365 ETH ($4,52 million) in July 2015, when the value of the asset was $0,31.

Author: